HSBC Eyes Sale Of General Insurance Business; Approached Several European, Japanese Firms - Report
September 29 2011 - 4:52AM
Dow Jones News
HSBC Holdings PLC (HBC) has approached a number of European and
Japanese insurers regarding a possible sale of its global general
insurance business, the South China Morning Post reported Thursday,
citing unnamed people familiar with the situation.
The report said companies being approached for the sale include
British insurer Prudential PLC (PUK), medical insurance provider
Bupa, Allianz SE (ALV.XE), AXA SA (CS.FR), and Zurich, according to
the people familiar with the situation.
The bank has general insurance operations in Hong Kong, Britain,
France, Brazil, and Singapore, the report said, noting the business
offers a range of general insurance products including policies
covering medical, car, travel, property damage and marine
cargo.
The report said the bank has no plans to sell its life and
pension business, which is more profitable.
HSBC and the insurers named declined to comment on a possible
deal, the report said.
Newspaper Website: http://www.scmp.com
-By Hong Kong Bureau, Dow Jones Newswires; 852-2802-7002